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The Big Boost From Falling Gasoline Prices May Be Coming to an End

Signage with fuel prices outside a 7-Eleven gas station in Las Vegas, Nevada, US, on Thursday, July 21, 2022. 

Signage with fuel prices outside a 7-Eleven gas station in Las Vegas, Nevada, US, on Thursday, July 21, 2022. 

Photographer: Bridget Bennett/Bloomberg

The price of gasoline is highly salient in both politics and the economy.

Generally when the price of gasoline goes down, the public’s mood starts to improve. That sense of optimism then feeds into politics and the broader market.